Home Insurance

Why do you need to take Condo Insurance?

If you own a condominium, you need to take up insurance that specifically caters to this type of a home unit.

A condominium is different from a town house or a single family home because, parts of the unit that you own will come under common sharing areas with other unit members. You share areas such as heating room, lobby, swimming pool, garage or garden with other unit owners. Keeping this in mind, you need insurance at two levels, one which protects you against risk of losses or damages in the areas you own individually and the other which protects you for losses or damages in areas which you share with others.

You will be expected to take up the HO-6 insurance type which is for condominium owners. This insurance policy will provide coverage in the following ways

• Loss or damages to the unit’s structure, in areas which belong to you.



• Loss in personal property by theft, vandalism, fire and so on



• Liability protection which safeguards you in the event that any harm is caused to any part of the building or to others who live in or visit the condominium complex.

Your building’s association will take out a master policy, which will insure common areas that you share with other owners. So, any damages or liability arising in common areas such as swimming pool, parking garage, or garden will be taken care of by the policy that they have taken up.

Before you take out condominium insurance, check out the association’s insurance coverage. There are times when their insurance also covers for losses or damages to your condominium structure. In such a situation you only need to insure you personal belongings. If you remodeled you unit in certain areas, you will have to insure for those structures in the unit also. Clearly note down the areas covered by the condominium association and find out in detail about the situation in which claims can arise and who is going to pay for it. This puts you in a better position to determine the level of insurance that you require.



Summary

Condominium owners need to take out a condominium insurance to cover risk related to their condominium unit. They should also find out the risk covered by the condominium association for common areas before thing up a policy.

Home Insurance Center

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• Knowing more about Mobile Home Insurance


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• Why do you need to take Condo Insurance?


• About Earthquake Insurance


• About Insurance from the CEA


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• Tips for first time homebuyers who are buying insurance


• Why do you need Earthquake Insurance?


• How does prior history feature in a home’s insurance premium?